Plexmar Resources Inc.

Plexmar Resources Inc.

October 16, 2006 23:24 ET

Plexmar Resources Inc.: Financing Closed

SAINTE-FOY, QUEBEC--(CCNMatthews - Oct. 16, 2006) - Plexmar Resources Inc. (TSX VENTURE:PLE), reports that the TSX Venture Exchange has issued final approval for the financing previously announced on August 14th 2006. The financing is a private placement of 5,615,572 units at a price of $0.35 per Unit, for total gross proceeds of $1,97M instead of the $2.1M announced on August 14th 2006. Each Unit consists of one (1) common share and one (1) Common Share purchase warrant. Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.41 per share for a period of twenty-four months (24) months following the date of closing.

The Offering is subject to the final approval of TSX Venture Exchange. All securities, shares and warrants, issued in connection with this placement are subject to a four (4) month hold period from the date of closing.

The net proceeds will be used primarily for exploration work on the Corporation's Peruvian properties and for working capital purposes.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    (418) 658-6776
    Paradox Public Relations
    1 (514) 341-0408